France’s rich wheat fields seemed an obvious partial solution to the grain shortages caused by Russia’s invasion of Ukraine, the traditional “bread basket” of Europe.
But the EU’s biggest wheat exporter is facing challenges of its own. Low rainfall this year has brought the threat of drought, triggering warnings of a hit to output and exports and raising fears of a further squeeze to global supplies.
“There is a huge amount of dependency on France’s crop,” said Kona Haque, head of research at commodities broker ED&F Man. France, she said, was seen as a reliable fallback in Europe after the Ukraine war pushed up wheat prices in markets that were already under pressure.
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